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What is Union Budget?

The exercise is similar to the monthly budget that we make for our household expenditure and earnings.

Last Updated: Jan 29, 2020, 07.37 PM IST
The Union Budget is the statement of government’s finances for the financial year, where the government makes estimates of revenue and expenses for the upcoming fiscal year that runs from April 1 to March 31. This is an exercise carried out by the central government every year. The exercise is similar to the monthly budget that we make for our household expenditure and earnings.

  1. Where to get the Budget document?
    You can download the Budget document from https://www.indiabudget.gov.in/. Key to Budget Documents, Budget Highlights, Budget Speech, Budget at a Glance, Annual Financial Statement, Finance Bill, Receipt Budget, Expenditure Budget are some of the documents that are made available on this government portal.
  2. When is the Budget presented?
    The date of budget presentation has varied throughout the history of Independent India. Since 2017, the Union Budget has been presented on the first of February every year. Before that, it used to be presented on the last day of February.
  3. Who presents the Budget?
    The Union Budget is presented by the Union Finance Minister. The last Budget was presented by Nirmala Sitharaman. She will also present the next budget on February 1, 2020.
  4. When was the first Budget presented?
    The first Union Budget of Independent India was presented by RK Shanmukham Chetty on November 26, 1947. It was a review of the economy and no new taxes were proposed.
  5. From when do Budget proposals take effect?
    Proposals made in the Budget, if passed by Parliament, take effect from April 1 of every year. They are valid till March 31 of next year.

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